China New Energy Ltd Grant of Options

23/10/2017 7:00am

UK Regulatory (RNS & others)

China New (LSE:CNEL)Historical Stock Chart

6 Months : From Aug 2017 to Feb 2018

TIDMCNEL

RNS Number : 2499U

China New Energy Ltd

23 October 2017

23 October 2017

China New Energy Limited

("CNE" or "the Company")

Grant of Options

The Board of CNE (AIM:CNEL), the AIM quoted engineering and technology solutions provider to the bioenergy sector, announces the implementation of two unapproved share option schemes and the grant of an aggregate of 39,300,508 options ("the Options") to acquire ordinary shares in Company at a price of 1.5 pence per share subject to vesting conditions under these schemes.

A total of 27,633,167 of the Options, representing 5.624 per cent of the current issued share capital, have been granted under a scheme put in place for the long term incentive of directors and senior employees of the Company and its subsidiaries. Under the terms of the scheme, options vest immediately and expire on the third anniversary. Of the 27,633,167 options granted under this scheme, 15,351,760 options, representing 3.124 per cent. of the current issued share capital, have been granted to Directors and PDMRs as follows:

The remaining 11,667,341 of the Options, representing 2.375 per cent. of the current issued share capital, have been granted to employees of the Company and its subsidiaries under an employee incentive and retention scheme. Such options vest as to one third on the date of grant and an additional one third on each of the first and second anniversaries of the date of grant and are exercisable for a period of three years.

All existing options and warrants have expired. Accordingly, following the grant of the Options, the Company will have a total of 39,300,508 outstanding options, representing 8.00 per cent. of the current issued share capital which comprises 491,256,350 ordinary shares of 0.025p each.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please visit www.chinanewenergy.co.uk or contact: